Caesars Entertainment has made a surprising comeback in the first quarter of the year after struggling with bankruptcy. Their net loss for the first quarter has been reported at just $34 million in total. This in comparison to the losses that were made in the last quarter of the previous year, which rounded to a total of $507 million.
Caesars has since also reported a total revenue increase of 104.1 percent, up to $1.97 billion. This is thanks in part to the performance of Caesars Entertainment Operating Company. CEOC’s final results were not included in the total group’s official financial statements for a year ago as the company had filed for Chapter 11 bankruptcy. This had caused some desperation in the company as they attempted to find a total of $10 billion to cover their massive $18 billion debt.
The company since since undergone a total corporate restructure after their emergence from bankruptcy. Many of their debtors have agreed to transfer debt to equity, which took place after CEOC’s properties were spun off to a real estate investment trust, which then allowed CEOC to lease the properties back.
Despite all the problems, Caesars is still looking to expand their operations, and have recently announced their intentions to find growth in other countries. New resorts in both Dubai and Mexico are currently being developed and built, and plans for a new resort situated in Northern California is also in the works, Caesars has told reporters.
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